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P45 & P46 + other tax stuff

SystemSystem Posts: 8,649 Staff Team
I've the pleasure of a new job starting either next week, or the week after. This is good.

The trouble is, that I ticked the wrong statement on the P46 for this job, and am giving them a revised one (that they asked for) tomorrow.
I'm still waiting for the last temping agency to give me a P45 for this company.

Then I need a P45 from this company to give to the new one.

I seem to have amaseed P45s from saturday jobs (a long time ago), and given them to no-one.

I'm not sure what my question is :p, but any insights into the Tax System/Inland revenue will be gratefully recieved.

If I have not paid enough tax, what happens? Is the amount deducted from my wages increased, or am I just sent a huge bill? :nervous:

Thanks :)

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    your sent a huge bill and given a date to pay it by :yes:

    liklihood is you wont have paid too little tax
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    bad seed wrote:
    I've the pleasure of a new job starting either next week, or the week after. This is good.

    The trouble is, that I ticked the wrong statement on the P46 for this job, and am giving them a revised one (that they asked for) tomorrow.
    I'm still waiting for the last temping agency to give me a P45 for this company.

    Then I need a P45 from this company to give to the new one.

    I seem to have amaseed P45s from saturday jobs (a long time ago), and given them to no-one.

    I'm not sure what my question is :p, but any insights into the Tax System/Inland revenue will be gratefully recieved.

    If I have not paid enough tax, what happens? Is the amount deducted from my wages increased, or am I just sent a huge bill? :nervous:

    Thanks :)

    What statement did you tick? If you ticked statement A, they should give you a cumulative tax code based on the fact this is your first job and they will assume you have no previous pay or tax details, you will get your full personal allowance from now until the end of the tax year. It could leave you underpaid, but it should sort itself out when your proper tax code is issued by the tax office. If you are hugely underpaid you will get put on a week one (emergency) code and the underpayment will be collected via next years tax code. However, most employers are wise to this and stick you on a week one code (which only takes that weeks pay & tax into account) until they get official confirmation from the tax office.

    If you ticked statement B to say it's your only or main job, they will give you the code 474L X and wait for your previous pay and tax details to come from the tax office along with the code to operate. You should not end up underpaid this way, unless you already have other deductions in your tax code for underpayments previously incurred.

    If you ticked statement C to say you have a pension, then they should put you on BR X as all your allowance are technically allocated there until they hear otherwise.

    Temping agencies are buggers for handing on P45's. If it's proving hard to get your P45 then don't worry about it too much, the tax office can usually get the details, provided you have informed the temping agency you don't intend doing anymore work for them. It is a good idea to make sure you get all P45's incase you need to complete a Self Assesment Return, but it's not always possible and some employers are better than others in that department.

    Anymore questions give me a PM!!
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    bad seed wrote:
    The trouble is, that I ticked the wrong statement on the P46 for this job, and am giving them a revised one (that they asked for) tomorrow.
    I'm still waiting for the last temping agency to give me a P45 for this company.

    Then I need a P45 from this company to give to the new one.

    I just re-read that part of your post. To be honest I wouldn't bother with hanging on for the P45's for the sake of passing them onto new your new company (by all means get them for your own records though). This is because by the time your current company has updated your records with your previous pay and tax details you will probably already have left, and they aren't allowed to issue revised P45's.

    I would just make sure you complete the P46 for the new job correctly and it should all put itself right in the end.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Cheers! :)
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    i know this is an old thread but i have a question about P46

    i am starting work in 2 weeks time and have to tick which statment
    applies to me. I have ticked Statement b and am not sure if i should
    stick C as well. the company has said i automaticaly go on to their pension
    Scheme when i start. they also gave me a form to fill out if i don't want to join
    their scheam.

    my question is if i fill their form out saying i don't want to join does that mean
    i leave statement C Blank no need to tick.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    gladiator wrote:
    i know this is an old thread but i have a question about P46

    i am starting work in 2 weeks time and have to tick which statment
    applies to me. I have ticked Statement b and am not sure if i should
    stick C as well. the company has said i automaticaly go on to their pension
    Scheme when i start. they also gave me a form to fill out if i don't want to join
    their scheam.

    my question is if i fill their form out saying i don't want to join does that mean
    i leave statement C Blank no need to tick.

    i'm pretty sure ticking c means you have a pension as in you are retired and already recieving a pension.

    just tick b :thumb:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    do you guys think pension are a good idea i mean i am only 22 and think i can
    start at a later date or even save 50 quid a month myself. what do u think?
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    .
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    gladiator wrote:
    do you guys think pension are a good idea i mean i am only 22 and think i can
    start at a later date or even save 50 quid a month myself. what do u think?

    If you can afford one.

    :grump:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    i think i am strong enough to take 50 quid a month or so to save up.
    how much money do these companies give on top of your normal benifit at that age i mean u alhear about companies who's cheams go bust and your left in a bit of a mess
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    kaffrin wrote:
    i'm pretty sure ticking c means you have a pension as in you are retired and already recieving a pension.

    just tick b :thumb:


    Yep, thats right - statement C would get you put on basic rate (BR) and you would get a load of forms about the amount of State Pension you recieve etc. Tick Statement B!!!
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